Category Archives: title

Title Insurance Discount for First Responders, Veterans, Active Military and Health Care Workers

We wanted to make you aware of a discount

that we are offering in partnership with one of our Title Insurance Underwriters. The discount is offered to First Responders, Veterans, Active Military and Health Care Workers. The discount applies to the owner’s title insurance premium incurred in relation to the purchase of a home. In order to qualify only one of the buyers needs to be in one of the groups listed and they must be purchasing a Massachusetts 1-4 family owner-occupied property.

• The Discount is equal to Ten percent (10%) off title insurance premiums for expanded or standard owner policies.

• Offer valid through December 31, 2021.

• The offer cannot be combined with any other discount

When you buy a house, you are buying more than the structure and the property it sits on. You are also buying its legal history, as identified in the title. Title insurance insures buyers against a loss resulting from matters affecting the title to the property. Title insurance companies evaluate the history of the property and insure that nothing in the history of the title will result in a loss to the insured. Unlike other forms of insurance, title insurance is paid for by a single, one-time premium at the time the property is acquired. The Owner’s Coverage is determined by the purchase price of the property, so the higher the purchase price the greater the amount of the savings, also, the premium for the expanded coverage is greater than the premium for the standard coverage.

We are proud to be able to offer this discount to so many that have served our great nation and to those that protect us every day.

Clash of the Condominium Owners

July 29, 2021closing, Condominium, Home Ownership, Litigation/Disputes, real estate law, title, UncategorizedEdward Berkman

We all know it is getting harder and harder to find our little piece of this earth to call our own. Housing prices continue to rise and the demand for houses has only gotten more competitive. This have never been more true than on Cape Cod, where one condo owner believed they owned more than their deed described.

In a recent Land Court decision in Barnstable County Massachusetts, an owner of a condominium filed suit against the Trustees of the Condominium, stating they have acquired a piece of the common area property as their own property through adverse possession. Adverse possession is law designed to promote the use of land throughout the Commonwealth. In Massachusetts to acquire land through adverse possession, one must have exclusive use and control of property for over 20 years. This use must be done openly, so that the owner would be able to see another using the property. The person using the land must also not have permission to use the land. In the case at hand, the plaintiff met all the requirements of obtaining the common area land as their own via adverse possession.

In this case the judge ruled against the plaintiff. Even though all the requirements for obtaining land via adverse possession were met, it violated the Massachusetts condominium laws, stating each condo owner already owns a proportional, undivided interest in the common areas, which can not be modified without the consent from the other owners in the association, and a modification of the Master Deed would be required. Furthermore to award the property to one owner via adverse possession would make the laws pertaining to the governing of condominium associations meaningless.

It’s understandable why the court came to this decision. As more and more condominiums are built, we need well defined laws to allow them to peacefully and independently run.

Thinking of buying or selling a condominium? Do you have questions about your current condominium or its association? Contact us at Topkins and Bevans, we have decades of experience in all types of real estate law, including condominiums.

What Is Owner’s Title Insurance and Why Should I Buy It?

November 7, 2018closing, Mortgages, real estate law, titleOwner's Title Insurance, title insuranceRobert Bevans

These are both very good questions. Let’s start with the first question and then the answer to the second question will be obvious.

What is Owner’s Title Insurance? It is Insurance that insures you against losses you may suffer as a result of issues affecting the title to your property. When you are buying a property in Massachusetts usually a title examination is completed that complies with MGL Ch 93 Sec 70. Based upon the result of this search a Title Insurance Policy can be issued and a Certification of Title may be issued to you. The Certification is dealing with the record title to your property. It is provided by the law firm closing your purchase. They may also be issuing the title insurance for the transaction.

They can issue two different types of policies. The policies issued in most transactions involving the purchase of real estate are:

Owner’s Title Insurance and
Lenders’ Title Insurance.

The Owner’s Policy protects you and the Lender’s Policy protects your lender. The lender will make you buy their policy, but your policy is optional. Even tough your interests may coincide with that of the lender their policy only protects them in the event of a loss. This often means not until they have acquired ownership of the property. At that point you no longer have an interest in the property.

When you buy your house, you are buying more than just the structure you will live in. You are also buying the property’s legal history. All the good and bad that comes along with it. Any title issue that impacts the property is now your problem. You may be able to look to the law firm that closed your purchase to address the issue or maybe not. There are numerous problems that can impact your ownership of your property that cannot be detected by a title exam and therefore are not addressed by the Certification. These title issues may be covered by your Owner’s Title Policy.

The Owner’s Policy will insure that:

You are the legal owner of the property
That there are no defects, liens or encumbrances effecting your property other than those listed on your policy
In the event that there is a title defect, you may be able to convey your property to a potential buyer if they are willing to accept insurable title
If you are trying to refinance a loan policy may be issued

Things that are covered:
Forgery and impersonation;
Lack of competency, capacity or legal authority of a party;
Deed not joined in by a necessary party (co-owner, heir, spouse, corporate officer, or business partner);
Undisclosed (but recorded) prior mortgage or lien;
Undisclosed (but recorded) easement or use restriction;
Erroneous or inadequate legal descriptions;
Lack of a right of access; and
Deed not properly recorded.

Things that may also be covered depending upon the type of Owner’s Policy you purchased:
Off-record matters, such as claims for adverse possession or prescriptive easement;
Deed to land with buildings encroaching on land of another;
Incorrect survey;
Silent (off-record) liens (such as mechanics’ or estate tax liens); and
Pre-existing violations of subdivision laws, zoning ordinances or CC&R’s.
Post-policy forgery;
Forced removal of improvements due to lack of building permit (subject to deductible);
Post-policy construction of improvements by a neighbor onto insured land; and
Location and dimensions of insured land (survey not required).

Your Owner’s Policy will insure the entire value of the property. It will protect you from any legal action taken against you to enforce a lien or property right to your property. The amount of your coverage may increase each year for the first five years of your policy. It is automatically added to your policy with no additional premium due from you. Your policy will protect you during your entire ownership of the property. It may even protect your heirs depending upon the type of policy you purchased.

You should want to protect what maybe the largest investment of your life anyway that you can. The purchase of Owner’s Policy is that one-time investment that should not be missed. You will have the peace of mind that no matter what the issue that comes up with your property’s title you are protected, and the title company will defend your rights. It is no surprise that your lender requires it and so should you.

Should I Put My Child On My Deed?

January 5, 2018Estate Planning, Home Ownership, real estate law, title, trustsRobert Bevans

There are many options when it comes to estate planning. These options can often seem overwhelming and unnecessary. This can feel especially true when dealing with relatively small estates.

In an attempt to avoid the estate planning process, many consider placing their children on the deed of their home. The thought is this: The home is the only asset they have of great value and this will allow the property to go to their children upon their death without dealing with the courts. It is also seen as a relatively cheap alternative to estate planning; making it even more appealing. However, under most circumstances, this is ill advised and can have disastrous consequences.

The main problems with adding a child to your deed are:

Creditors
Control; and
Spouses

Creditors:

As the largest asset that most people own, a home is very valuable. It is often more than just a place to live but is used as collateral to pay for college, weddings, and/or retirement. The home is also one of the first assets creditors go after when a debt is owed. Once a child is placed on a deed, that property becomes open to that child’s creditors. Even if the child has little to no interaction with the property (i.e. does not live there or contribute to mortgage payments) creditors will still have rights over the property.

Though many believe their children to be financially stable, the future can be unpredictable. Unforeseen events, including sickness, can lead to financial instability. This instability can jeopardize your property and leave you with little choice or control. Your children’s creditors may then end up with rights to the equity you have developed, putting you into financial situations you are ill equipped to handle or recover from.

Control:

Once placed on the deed, a child will have an interest in the property. This means that they will need to sign off on any decision made by their parents; whether that is refinancing, selling or otherwise. Though for most this will only be a slight inconvenience, for some it can become more.

If a child decides they do not wish to cooperate, wish to have more control in what happens to the property or wish to gain something financially from the property, a child may have rights to do so. Though the problems may be fixable, it could cost an incredible amount of time and money in court.

Spouses

We all hope that we love, or at least like, our child’s spouse and that their love lasts forever. Unfortunately, for many that is not the case. And, as a child has a degree of control over the property once they are on the deed, so will their spouse.

This control can come in the form of influence over the child or through divorce. If it does turn out that the parents do not care for the spouse, this could lead to animosity that is taken out on the property. Also, in the event of divorce, the property may be up for debate when assets are split.

Conclusion

It is only natural to want to find the quickest and cheapest way to accomplish your goals. However, it is important to understand the risks involved in those decisions. For most, their home is the most valuable asset they own and decisions regarding title should not be taken lightly. Always consult an Attorney prior to making decisions regarding title, to fully understand your options and the consequences of any action.

March 2015 Newsletter Trending Now

March 18, 2015closing, Estate Planning, Health Care Proxy/HIPPA, Home Ownership, Marketing / Communication, real estate law, title, trusts, UncategorizedRobert Bevans


T&B Trending March 2015 Vol 2-2015
Housing Market Continues Slow Climb Toward Stable Levels Source: Dsnews.com The latest Multi-Indicator Market Index (MiMi) from Freddie Mac, released Wednesday, showed that the U.S. housing market showed continued stabilization for the fourth straight month in December. Read more >> Q4 2014 Commercial Real Estate Cycles from Dividend Capital Source: Ted C. Jones There is one blog topic that I write about quarterly that is preceded by several calls and emails as to when it is scheduled to be available – The Cycle Monitor – Real Estate Market Cycles from Dividend Capital, prepared by Dr. Glenn Mueller from the University of Denver. Read more >> FHA launches historic homebuyer ‘care package’ for 2015 Source: Inman.com After several years of lackluster participation in the housing market, first-time homebuyers are getting a boost from the Federal Housing Administration (FHA) this year. Read more >> March 2015 Newsletter Trending Now Source: Topkins & Bevans Blog This is the time of the year when all of us have no choice but to pour through our bank statements, credit card statements, checks and acknowledgments from charities regarding contributions….. While you are going through this data-producing exercise, you might want to consider your Will, and other elements of your Estate Plan, at the same time. Read more >> Topkins & Bevans Offices in Boston, Braintree and Waltham rbevans@topbev.com www.topkinsandbevans.com

T&B Trending January 2015

January 16, 2015CFPB, closing, Home Ownership, Mortgages, title, UncategorizedRobert Bevans


T&B Trending January 2015 Vol 1-2015
Top StoryNovember 2014 Job Growth – 7th Best Month in 10 Years Source: Dr. Ted C. Jones Job growth continues to accelerate into the fall and winter as November 2014 saw 321,000 net new jobs (preliminary) added on a seasonally-adjusted annualized rate. That was the seventh best month of job growth in the past 10-years. Read more >> In The News Forecast: Full Steam Ahead for Housing Source: Themreport.com The housing market will continue its gradual recovery and gain momentum in 2015 after a disappointing 2014. Read more >> What’s Happening Home Sales, Housing Starts Expected to See Significant Growth in 2015 Source: Themreport.com Improvements in economic fundamentals, notably employment growth among millennials, will fuel significant increases in home sales and housing starts and a modest rise in home prices in 2015. Read more >> In Our Neighborhood First-time homebuyers given more options to buy a home by FannieMae and FreddieMac: Source: Topkins & Bevans Blog Earlier this week new lending guidelines for first-time homebuyers were released in a statement by the FHFA Director Melvin L. Watt . Watt wrote “The new lending guidelines released today by Fannie Mae and Freddie Mac will enable creditworthy borrowers who can afford a mortgage, but lack the resources to pay a substantial down payment plus closing costs, to get a mortgage with 3 percent down. Read more >> Topkins & Bevans Offices in Boston, Braintree and Waltham Name rbevans@topbev.com www.topkinsandbevans.com

The Ins and Out of Easements—A Primer for the Non-Lawyer.

March 12, 2014titleRobert Bevans

Like everyone else’s business, my business as a Massachusetts real estate lawyer runs in spurts. Lately, I have been involved in three situations concerning Easements. In one situation, a client of mine is buying a guest house while the Seller is retaining the major home. All the systems, however, run through the major home. To make things more complicated, some of the utility lines actually leave the street and pass over the land my client is purchasing. A reciprocal Easement is needed to protect both sides in terms of repair and access. With the assistance of an excellent surveyor, who drew up recordable plans which I can use, I should be able to articulate the rights of the parties in a manner that does not give rise to disputes somewhere down the road.

The other Easements were retained restrictions imposed a relatively long time ago by a land owner who wanted to protect the environment. Since these Easements were put in place, the Towns where the property is located have become much more vigilant in enforcing local and state conservation laws and codes. The people who put on the restrictions originally now are willing to remove some of the more onerous restrictions, since times have changed and there has been other development in the neighborhood. We are very close to reaching agreement, which enhance the value of both the retained and purchased land, and still provide requisite environment protections.

Because they represent encumbrances of the title, all Easements start with an accurate title report. Until we know who the current lien holders on the property are, we cannot complete the Easement work. In the case of the major home-guest house, the owner of the major home has a mortgage on his property. A Subordination of this mortgage to the Easement must be obtained before the Easement can be fully in effect. This takes some time, so we will hold back some funds from the Seller until the Seller delivers the Subordination. One never knows how long obtaining the Subordination will take. I am going to request that 1.5% of the purchase price be held back. That should “encourage” the Seller to act quickly.

In the restrictive Easements situations, my goal is to either eliminate, or weaken, the effect of the restrictions. That will take some negotiating and compromise, but restrictions like these, while laudable, can really make the value of property diminish.

The last issue is whether a full certified Plan is necessary for an Easement. I have prepared Easements where a sketch of the property lines and rights of way is adequate. Naturally, I would prefer a Plan prepared by a Surveyor, in recordable form. Most of these considerations are financial, but unless there is precision in Easement drafting, which includes accurate depiction of the property in question, the money saved in the present tense may be spent many times over in the future.

Own a Home?—Some things to Consider

February 18, 2014Home Ownership, Mortgages, real estate law, titleRobert Bevans

Home-ownership is often complicated, and never exactly what you expect. Nothing you have done previously in your life can prepare you totally for owning a home. Don’t get me wrong: there is not a greater believer in home ownership than I. All I am saying is that there are some definite steps you should be taking, and moves you should be making, and the sooner you get things organized properly, the easier you will find the home ownership experience. Here is my list of “do’s” and “don’ts”, in no particular order of importance:

DO file for a Homestead. I do deal with Homesteads each and every day. There is no downside to recording the Homestead Declaration, unless you think a $100 dollar investment to protect $500,000 is not a good deal. How you will employ your Homestead when it is necessary is not something you can predict. Just understand that you only need to file a Homestead once, and it will endure through countless refinancing transactions. A Declaration of Homestead is truly “the gift that keeps on giving”.
DON’T be a careless record keeper. The current tax laws are extremely favorable to middle-class America. If you have lived in your home for at least 2 of the last 5 years, you can sell your home and not pay any capital gains tax to a maximum exclusion of $250,000 for a single person and $500,000 for a married couple. Especially these days, that exclusion covers most of us, and we can make one, two or more transactions without any concern for paying the tax man. Well, there is no guarantee that our law makers will continue this tax benefit forever. What if fiscal needs require the termination of this program? Are you ready to recreate your tax basis in your home? Do you have records of improvements and additions which can be added to your tax basis? The time to determine whether you do is NOW, not when you are staring down the barrel of a tax audit.
DO be a believer in preventive maintenance. Letting needed repairs slide is not a good idea, even in a recession. If your roof is not sound, or you need new windows, get the work done before greater woes befall you. You may find that the payback with new windows on energy costs justifies the expense. Ditto with needed insulation. Attend to these items as they are needed. You will receive the benefit.
DON’T wait too long to consider Elder Care transactions with regarding your home. If you are fortunate, and have children you can trust, you may want to consider getting your home out of your name and into a Grantor Trust. These Trusts can be helpful later on, but there are waiting periods in place to prevent abuses and every time they change, they seem to get longer. Don’t let this go so that when you decide you want to make a move, you too close to need attendant care to insulate your assets. Again, each circumstance is different, but certainly 60 years of age is not too early to start planning.

Assessments Reassessed!!!

February 18, 2014Condominium, real estate law, titleRobert Bevans

Earlier this month, I represented a Seller in a Boston condominium. Every transaction has its issues, and the issue in this matter was the fact that the Condominium, which had more than sixty (60) units, was undergoing renovation, and there were going to be Special Assessments to pay for same. The Seller and Buyer spent a substantial amount of time and effort trying to figure out an equitable way to split the responsibility for same. I normally take the position that if the subject of the Special Assessment is looking backward [repairing a rotted roof, foundation cracks or brick pointing], it is clearly the Seller’s responsibility. If the subject is a new feature for the Condominium [recreation room, pool] the Buyer should pay. There is never a clear path, but, generally, if both the Seller and Buyer are motivated, we can reach agreement.

Once I put this matter to bed, it occurred to me that Assessments, which are often viewed with horror by both Buyers and Sellers, are really a positive sign of good Condominium governance, and not something to avoid. As I started to think about Condominiums which I have owned, or assisted people in buying or selling, I realized that not having Assessments, and addressing either deferred maintenance or improving the Condominium complex, is, in fact, a negative factor, because when problems do arise, they are that much more significant since they have been ignored no long. For example, the Condominium where I live has not changed its monthly fee, or had a Special Assessment, for the more than the twelve (12) years I have lived there. I do not view this as a good thing: I view it as sloth and indolence on the part of the people who run the Condominium.

The bottom line is that there is a lot of deferred maintenance in all homes, but especially in Condominiums. If you live in a Condominium, where management is up-front and pro-active in keeping the systems and components in good shape, chances are that there will never be a major problem, because the smaller problems are being addressed on a continuing basis. I now also believe that “self-management” is really a code word for “cheap”, and that a self-managed condominium is not as valuable as one which has professional management and experienced operatives dealing with normal, and extraordinary, issues which arise. The more I see of self-management, the more I see megalomania. That results because like our political system, competent people are not willing to serve as Trustees and condominium officers, so people without experience or framework assume power, often leading to poor decisions and a Condominium with no prospects of having the value thereof increase. The only thing these individuals possess is plenty of spare time, and the old adage “if you want to get something done, ask a busy person” very often applies.

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